Breaking: Binance Agrees to Buy FTX, FTT Price Surges

Nov 09,2022
Breaking: Binance Agrees to Buy FTX, FTT Price Surges

Cryptocurrency Exchange Binance signed an unconstrained Letter of Intent (LOI), preparing to fully acquire FTX Exchange

Zhao Changpeng, CEO of Binance, said that it would also help deal with the "liquidity crisis" of FTX

Sam Bankman Fried, FTX president, said that since Binance is undoubtedly the first and last investor of the exchange, the matter has been "successfully ended"

The terms of the transaction were not announced. Binance said that after rescuing the enemy of data encryption, it can withdraw transactions "anytime, anywhere". Zhao indicated that its enterprises must conduct some financial due diligence before completing the transaction

Bankman Fried claims that this development design may bring hidden benefits to the whole market. He praised Mr. Zhang for his "amazing work in building the world's data encryption ecosystem" and "creating a freer global economy"

The cryptocurrency tycoon indicated that the Exchange was clearing up the problem of cash withdrawal inventory backlog at this stage after customers gradually complained that they could not obtain assets.

Last week, Zhao said on Twitter that Binance had decided to sell all its FTT tokens. Previously, the outside world gradually suspected that the accounting of Alameda Research, a trading company associated with FTX, was difficult.

After a quarrel between the two exchanges, Bankman Fried now shows that FTX "has a better hand"

FTX (FTT) tokens soared by more than 22% in recycling transactions. In addition, BTC has already returned to normal above 20000 dollars. In addition, BNB token also increased by 19.58%